HHH
Howard Hughes Holdings Inc.83.53
-1.25-1.47%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Cash prioritizes full Vantage ownership
Q&A pinpointed excess cash priorities: repay Pershing preferred for 100% Vantage ownership first, then other operating investments—bolstering the holding company pivot. Management clarified Park Ward Village's 15-17% condo margins stem from anticipated infrastructure benefiting future towers, second-row location, and retail mix, aligning profitability with prior second-row sales like Anaha. Vantage's elevated combined ratio reflects scaling costs, but strong loss ratios and operating leverage promise gains from 2026, amplified by Pershing's stock tilt. Commercial land sales remain rare, peripheral exceptions for key users. Answers largely reaffirmed prepared remarks. Cash flows to Vantage first. Investors track Vantage profitability and MPC pricing durability.
Key Stats
Market Cap
4.96BP/E (TTM)
15.47Basic EPS (TTM)
5.40Dividend Yield
0%Recent Filings
8-K
2026 AGM set June 4
Howard Hughes Holdings set its 2026 annual stockholder meeting for June 4, 2026, with a record date of April 6—more than 30 days earlier than last year's. Deadlines for Rule 14a-8 proposals and bylaw nominations both land on March 17, 2026; universal proxy notices due April 5. Meeting details await proxy statement.
10-K
FY2025 results
Howard Hughes Holdings posted FY2025 net income of $123.8M, down from $285.2M in 2024 yet buoyed by MPC EBT surging 36% y/y to $476.1M on record residential acres sold, while Operating Assets NOI hit another peak at $262.0M, up 7% excluding dispositions, led by office lease-up momentum. Q4 momentum shone through Ulana Ward Village's 690 closings at breakeven margins, fulfilling reserved housing, alongside $370.2M annual condo revenues despite workforce mix shift. Balance sheet strengthened to $1.5B cash with net debt at 39% of enterprise value; $900M Pershing Square infusion fueled Vantage pursuit. Debt covenants tripped on select properties from vacancies, locking excess cash locally. MPCs thrive, but housing downturns threaten land sales.
8-K
Q4 earnings down; MPC surges
Howard Hughes Holdings posted Q4 net income of $5.7M, down sharply from $162.3M last year due to condo sales timing—workforce units at breakeven versus luxury. Yet MPC EBT soared 85% to $105M on 91 residential acres at $653K/acre; Operating Assets NOI climbed 11% to $68M. Announced $2.1B Vantage insurance buy to diversify; 2026 real estate cash flow guidance $415M-$465M. Vantage close pending.
8-K
Closes $1B notes offering
Howard Hughes Holdings' subsidiary HHC closed a $1 billion private notes offering on February 17, 2026—$500M 5.875% due 2032 and $500M 6.125% due 2034. Funds repay $750M 5.375% notes due 2028, satisfied that day ahead of February 19 redemption. Debt extended four to six years. Notes unregistered under Rule 144A/Reg S.
8-K
HHC refinances $750M notes
HHC launched a $1B private offering of senior notes due 2032 and 2034 to redeem its $750M 5.375% notes due 2028 at 100.896% plus interest on February 19, 2026. Proceeds fund the buyback and general purposes. Refinancing extends maturities. Preliminary Q4 2025 estimates show revenues $619M-$629M, down from $984M; net income $14M-$15M.
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